EDUCATIONAL CAPITAL IMPROVEMENTS
DISTRICTWIDE MAJOR BUILDING SYSTEMS RENEWAL BONDS

Shall Anchorage borrow up to $9,410,000 through the issuance of general obligation bonds to pay for educational capital improvements for Districtwide major building systems renewal within Anchorage, as provided in Ordinance No. AO 2008-8? The projects currently qualify for 70% State debt reimbursement (subject to annual Legislative appropriation as described below.)

The general obligation bond proceeds will be used to pay costs of planning, design, site preparation, constructing, renovating, installing and equipping educational capital improvement projects within Anchorage. The proposed educational capital improvement projects include, but are not limited to, the following.

Projects:

Districtwide Code/Hazmat/ADA/Sprinkler Projects
Districtwide Roof Replacement and Repairs
Districtwide Building Renewal Projects
Districtwide Electrical Projects
Districtwide Mechanical Projects
Districtwide Traffic Safety Projects.
Districtwide Track Renewal
Emergency Communications Systems – Middle Schools

The projects currently qualify for 70% State debt reimbursement. If the State chooses to make full reimbursement, the annual increase in taxes would be $0.73 to retire the proposed bonds (based on $100,000 of 2008 real and personal property value). State reimbursement is subject to annual Legislative appropriation.

Voter approval of this bond proposition authorizes for each $100,000 of assessed real and personal property value (based on the estimated 2008 assessed valuation) an annual increase in taxes of approximately $2.43 (subject to reduction with State reimbursement money) to retire the proposed bonds.

The debt will be paid from real and personal property taxes levied and collected areawide in Anchorage. Anchorage will also pledge its full faith and credit for payment of the debt.

To be voted upon by all qualified voters residing within the Municipality of Anchorage and all qualified voters residing within the Anchorage Fire Service Area.